UTEN vs. ^TNX
UTEN (US Treasury 10 Year Note ETF) is Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 3 years, UTEN returned 1.92%/yr vs 6.63%/yr for ^TNX. At a correlation of -0.96, they often move in opposite directions.
Performance
UTEN vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, UTEN achieves a -0.55% return, which is significantly lower than ^TNX's 7.54% return.
UTEN
- 1D
- 0.14%
- 1M
- -0.03%
- YTD
- -0.55%
- 6M
- -0.80%
- 1Y
- 3.58%
- 3Y*
- 1.92%
- 5Y*
- —
- 10Y*
- —
^TNX
- 1D
- -0.31%
- 1M
- 1.38%
- YTD
- 7.54%
- 6M
- 8.98%
- 1Y
- 2.57%
- 3Y*
- 6.63%
- 5Y*
- 23.47%
- 10Y*
- 10.02%
UTEN vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.55% | 7.82% | -1.67% | 3.18% | -7.79% |
^TNX Treasury Yield 10 Years | 7.54% | -8.97% | 18.29% | -0.34% | 38.68% |
Correlation
The correlation between UTEN and ^TNX is -0.95, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.96 |
The correlation between UTEN and ^TNX has been stable across timeframes, ranging from -0.96 to -0.95 - a consistent structural relationship.
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Return for Risk
UTEN vs. ^TNX — Risk / Return Rank
UTEN
^TNX
UTEN vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) and Treasury Yield 10 Years (^TNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| UTEN | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.04 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.21 | +0.58 |
| Martin ratioReturn relative to average drawdown | 2.36 | 0.37 | +1.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UTEN | ^TNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.17 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | -0.02 | +0.03 |
Drawdowns
UTEN vs. ^TNX - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum ^TNX drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for UTEN and ^TNX.
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Drawdown Indicators
| UTEN | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -93.78% | +80.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -12.35% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -27.41% | +18.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.57% | — |
Current DrawdownCurrent decline from peak | -2.91% | -44.20% | +41.29% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -51.34% | +46.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 6.97% | -5.45% |
Volatility
UTEN vs. ^TNX - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.71%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.04%. This indicates that UTEN experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTEN | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 5.04% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 10.62% | -6.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 15.51% | -10.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 32.43% | -24.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.05% | 47.98% | -39.93% |
Frequently Asked Questions
UTEN and ^TNX have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (5.04%) compared to UTEN (1.71%). In terms of maximum drawdown, UTEN dropped -13.36% vs ^TNX's -93.78%.
UTEN currently has the higher Sharpe Ratio (0.69 vs 0.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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